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Credit cards out for mens last minute dash

Fri, 23 Dec 2005

Christmas Eve will see more than a million British men flock to the shops, while a quarter will charge purchases to their credit cards, according to research.

National Savings and Investments found that only seven per cent of men start shopping for presents before October, while 12 per cent of women do.

The government-backed savings organisation revealed that 24 per cent of men will buy presents for 15 people, spending between £21 and £50 on each.

Despite budgeting for presents, 48 per cent of men admit that they overspend on presents. Half of women made the same confession, according to National Savings and Investments, which commissioned Mori to carry out the research.

Credit cards are the preferred way of paying for Christmas shopping for 16 per cent of women and 25 per cent of men, the survey showed.

"Christmas tends to be a pricey time of year for most and people can get especially carried away trying to find the perfect gift at the last minute," said John Prout, sales director at National Savings and Investments.

"However by planning ahead and sticking to a reasonable budget you can avoid dipping into savings or overloading your credit card, leaving no cause to stress about your financial fitness come the new year."
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